April 18, 2024
Solar Air Conditioning Market

Residential Solar Air Conditioning Is The Largest Segment Driving The Growth Of Solar Air Conditioning Market

Market Overview:

Solar air conditioning uses solar thermal energy to run air conditioners making it a more sustainable alternative to conventional air conditioners. The technology utilizes solar energy for cooling, heating and other applications providing an eco-friendly solution for cooling buildings.

Market key trends:

One of the major trends driving the growth of the solar air conditioning market is the rising adoption of renewable energy resources. With the growing concerns regarding climate change and depleting fossil fuel reserves, governments and organizations across the world are promoting the use of solar and other renewable energy sources. Solar air conditioners help reduce reliance on fossil fuels providing an environment friendly solution for cooling buildings particularly in hot regions. Moreover, increasing investments by manufacturers in solar air conditioning technologies coupled with improvements in efficiency and reduction in costs are supporting the market growth.

The global Solar Air Conditioning Market is estimated to be valued at US$ 2.52 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Rising adoption of renewable energy sources and need for sustainable cooling solutions has increased demand for solar air conditioners. They are eco-friendly and reduce electricity bills by utilizing solar energy directly.

Weakness: High initial investment costs when compared to conventional air conditioners limit their adoption. Their performance is also dependent on availability of sufficient sunlight.

Opportunity: Growing concerns over environmental pollution and need to curb carbon emissions are encouraging governments worldwide to offer subsidies and tax incentives for solar equipment. Rapid growth of the construction industry in developing nations presents new market opportunities.

Threats: Fluctuating crude oil prices impact the prices of key components used in manufacturing solar air conditioners. Slowing economic conditions in major markets hamper the overall household spending on solar cooling devices.

Key Takeaways

The global Solar Air Conditioning Market Share is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing awareness about energy conservation and need for curbing greenhouse gas emissions.

Regional analysis

North America is also expected to offer lucrative opportunities for market players during the forecast period. This is mainly due to presence of leading manufacturers in the US and Canada and stricter regulations regarding energy efficiency.

Asia Pacific dominates the global solar air conditioning market, with major demand coming from China, India and Japan. The key factors driving the demand in the region include rapid urbanization, growing construction activities and supportive government initiatives to promote renewable technologies.

Key players operating in the solar air conditioning market are Lennox, Videocon, Harvest Air Conditioner, HotSpot Energy Inc., Aussie Solar World, Solair World International, Icesolair, Gree, Midea Group Onyx Solar ac. These companies have prominent market share and offer an extensive product portfolio with ongoing technological innovations. Strategic collaborations and partnerships are among the key strategies adopted by them to strengthen their global footprint.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it